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Multimodule converter-based high-voltage dc (HVDC) power transmission incorporates numerous voltage-source converters (VSCs) connected in series/parallel to provide increased voltage/current and, hence, power ratings. When a selective harmonic elimination pulsewidth-modulation (SHE-PWM) technique is employed, the switching losses of the VSC modules are reduced but the voltages of the series-connected dc capacitors are not naturally balanced. In this paper, a voltage-balancing technique is reported. The technique relies on monitoring the voltage of each dc capacitor and when such voltage exceeds its preset band, the realization of the multilevel waveform reallocates the task to another VSC module to ensure that voltage balance between all capacitors is achieved. Three-phase bipolar VSC modules are considered in this paper and each one is modulated by a precalculated multilevel SHE-PWM waveform. The time-domain waveforms and their line-to-line voltage spectra are verified by simulation using PSCAD/EMTDC. The selected results are presented to confirm the viability of the proposed method.